Karachi: During the last week, a sharp decline was observed in the cotton prices in the local market. The spot price was decreased by Rs.600 per head. However, there was an increase in the trading volume.
Rain affects quality of cotton crop in Sindh; However, the sowing of cotton has been completed.
However, the All Pakistan Textile Mills Association (APTMA) has said that the textile sector is facing a grave crisis. The association warned that they would hand over the keys of their units to the finance ministry if the government did not restore subsidy on gas and electricity from July.
In the domestic cotton market, cotton prices turned bearish during the last week as spinning mills showed interest in buying quality cotton, while ginners also showed interest in selling cotton, which led to increase in traded volumes.
APTMA has warned the government through print and electronic media that the problems of the textile sector, especially energy and gas issues, must be resolved immediately. The association warned that if this situation continues, it will be difficult for them to run their factories.
The cotton price in Sindh is in the range of Rs 19,600 to Rs 19,900. The rate of footi is 8500 to 9400 rupees per 40 kg. The rate of cotton in Punjab is Rs 20,000 to Rs 20,500 per head and the rate of foot is Rs 9,000 to Rs 10,500 per 40 kg. The rate of cotton in Balochistan is Rs 19,800 per head while the rate of footy is Rs 9,000 to Rs 9,400 per 40 kg.
The spot rate committee of the Karachi Cotton Association has reduced the spot rate by Rs 6,00 per head and closed it at Rs 19,900 per head.
Naseem Usman, president of Karachi Cotton Brokers Forum, has said that overall the market is bearish. The futures trading rate for New York cotton has declined. The Indian cotton market is also bearish.
According to the USDA's weekly export and sales report for the year 2022-23, 98,900 bales were sold. China topped the list buying 70,500 bales. Bangladesh came second with 11,700 bales and Vietnam with 9,900 bales. In the year 2023-24, 65,700 bales were sold. China topped the list buying 63,800 bales.
Separately, caretaker chief minister Punjab Mohsin Naqvi chaired a meeting at his office where it was learned that 100% cotton sowing has been achieved in Faisalabad, Sahiwal and Sargodha.
The meeting expressed satisfaction over the achievement of this important milestone by the provincial government. During the meeting, the Secretary, Agriculture Department presented a report on cotton cultivation and supply and demand of urea in the state.
The CM appreciated the performance of the agriculture department, administration and field staff for their dedicated efforts in cultivating cotton in an area of over 4.6 million acres.
He reiterated the government's commitment to protect the interests of cotton growers at all costs and directed the administration to ensure adequate supply of urea for the farmers. The diligent cooperation between the government and the hard work of farmers has resulted in extraordinary growth in the area under cultivation, and farmers can expect a rewarding result for their efforts in the current year, he concluded.
However, at the AGM of PCBA in Multan, experts from PCGA and PCCC presented useful suggestions for the revival of cotton.
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